Purchase or sales ledgers are required for trading, repacking or in manufacturing products. Sales and purchase account groups are revenue accounts and are used in the profit and loss account.
To create a purchase/sales ledger
Go to Gateway of Tally > Accounts Info. > Ledgers > Create
The Ledger Creation screen appears as shown below:
Select Yes for the option Inventory values are affected? if your company maintains accounts with inventory.
Note:You can link inventory with accounts like customs duty, or direct expenses related to purchases such as freight inwards.
Cost Centre options
To get the option Cost centers are applicable? in the Ledger Creation screen, you have set the option Maintain cost centres to Yes in F11: Features (F1:Accounting Features).
Set the option Cost centers are applicable? to Yes if any of the transactions need to be allocated to any particular cost center.
Set the option Activate interest calculation to Yes to enable interest calculation automatically based on the interest rate and style of calculation specified.
Set the option Use advanced parameters to Yes to enable the advanced parameters for interest rates that change from time to time.